Stepping Back to Move Forward
“What’s the primary goal of your retirement plan?”
Not knowing the answer to this question could cost you and your clients countless hours of time. It may even cost you the client relationship.
But that, and other big picture questions, may not have been asked in quite awhile. It’s hardly a surprise when benefit committees spend so much time meeting their fiduciary obligations and managing healthcare costs. So, what’s the risk?
If retirement plan committee meetings have become routine affairs without much analysis of strategic goals, it may be time to step back and look at the fundamental assumptions shaping the plan’s design and services.
Here are some other questions you can ask to see if the plan is due for a strategic check-up.
- Have you looked at how retirement plan decisions relate to your other benefit goals and objectives?
- Are you sure that all members of the plan committee are working from a shared view of the plan’s goals?
- Have you reviewed the plan’s design and participant services to determine if they are aligned with your objectives?
If your clients are unsure or answer “no” to any of those questions, consider conducting a survey of the committee.
You can use the survey provided below to spark a lively discussion. Whether you confirm or refine your course, you and your clients will gain confidence that all of your decisions advance the same goal.
Your Change the Conversation Toolkit
Launch Kit
PDF, 110 KB
This guide will provide you with the tools, and teach you the techniques, you'll need to change the conversation about strategic planning with clients.
Plan Committee Survey
Fillable PDF, 64 KB
Download this survey and send it out to committee members to find out what they really think.
Insights Guide
PDF, 516 KB
Use this handy cheat sheet to interpret the survey responses and identify top insights you can share.
Email Content You Can Use
Text and Imagery
Here are the elements you'll need to craft an email on this topic.
Email Content You Can Use
Graphic
Want to learn more?
If you want to delve more deeply into how to have a new conversation about retirement, contact your Prudential representative.
Change the conversation. Change minds.
In providing this information, Prudential Retirement is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity. Prudential Retirement may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Prudential mutual funds and other investment products or securities offered by Prudential Retirement or its affiliates. Investment vehicles sponsored or managed by a Prudential Retirement affiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement's sales personnel generally receive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement may benefit directly from the difference between investment earnings of Prudential Retirement's stable value funds and the amount credited to deposits in those funds. Prudential Retirement may also benefit from broker-dealer or other entities’ co-sponsorship of Prudential conferences.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates. PRIAC is a Prudential Financial company.
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